Introduction: The Thunder of History
Introduction: The Thunder of History
This chapter provides some background information on the origins, developments, and operation of Hong Kong's tax system. It also provides a brief account of the distinguishing characteristics of Hong Kong's tax system; Hong Kong's system of government, its philosophy of public finance, and other sources of revenue; the British Income Tax Act of 1803, commonly called Addington's Act, which served as the model upon which Hong Kong's tax system was based; and the source principle and practice followed by most British colonies in the early twentieth century of exempting offshore income from tax.
Keywords: Hong Kong, tax system, government, public finance, revenue, British Income Tax, Addington's Act, British colonies, offshore income
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